Sotheby’s Sued for Records Over Buyout by Drahi’s BidFair (1)

Sotheby’s was hit with a lawsuit seeking corporate records that a union pension funds says it needs to challenge the auction house’s planned $2.7 billion go-private buyout by French billionaire Patrick Drahi.

The $57-per-share merger would combine Sotheby’s with BidFair USA LLC, an auction house privately controlled by Drahi, the founder and president of telecom giant Altice Europe NV, who’s worth $8.6 billion.

The June 16 proposal reflected a 61% premium over the closing share price two days earlier for Sotheby’s, which at 275 years old is the oldest company listed on the New York Stock Exchange, according to ...